In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

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John Stossel on Libertarianism

Don’t miss “Stossel” tonight on the Fox Business Network at 8:00 p.m. ET. He’ll be discussing “What’s a Libertarian?” with P. J. O’Rourke, Andrew Napolitano, and a panel including Cato senior fellow Jeff Miron and me. Here’s a column Stossel wrote after taping the show about his own evolution from “Kennedy-style liberal” to libertarian.

When I did talk shows after the publication of Libertarianism: A Primer, I was always asked, “What is libertarianism?” I said then, “Libertarianism is the idea that adult individuals have the right and the responsibility to make the important decisions about their lives. And of course today government claims the power to make many of those decisions for us, from where to send our kids to school to what we can smoke to how we must save for retirement.”

Here’s another way to put it, which I believe I first saw in a high-school libertarian newsletter from Minnesota: Smokey the Bear’s rules for fire safety also apply to government: Keep it small, keep it in a confined area, and keep an eye on it.